The bakery division, which employees more than 6,000 workers at more than 40 facilities in North America, sells products under several brands, including Wonder, D'Italiano and Ace Bakery.

The results were also boosted by lower income tax expenses, which fell 9.8 percent to C$101 million in the third quarter ended Oct. 6. Net earnings fell to C$243 million ($244 million), or C$1.07 a diluted share, from C$351 million, or C$1.93, a year earlier.

Excluding a restructuring charge and other items, adjusted earnings rose to C$1.49 per basic share, from C$1.44. Analysts, on average, had been expecting earnings of C$1.41 a share, according to Thomson Reuters I/B/E/S.

The company raised its dividend by 2 Canadian cents to 38 Canadian cents a share.